VANCOUVER, BC, Jan. 5, 2023
/CNW/ -- Lithium South Development Corporation (the
"Company") (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ) is pleased
to provide a 2022 summary of milestones achieved and a milestone
plan for 2023.
2022 Achievements
I. Purchase Agreement - In March of 2022, the
Company achieved a major milestone by completing the purchase
agreement for the Hombre Muerto North Lithium Project (HMN Li
Project). The completed transaction gave LIS 100% ownership of the
project, subject to an underlying royalty (see news release
June 05, 2017).
II. Environmental Baseline Study - The Environmental
Baseline Study was completed in 2022, forming the base data for the
final preparation of an Environmental Report for any future lithium
production facility. The work covers the entire 3,287-hectare claim
package located on the Hombre Muerto Salar and will be a key part
to the upcoming Feasibility Study.
III. Resource Expansion Drill Program - In June of 2022,
a resource expansion drill program was initiated with two drill
rigs on site. The objective of the ongoing program is to increase
the collective size of the overall lithium resource among the five
non-contiguous salar located claim blocks. The current
resource of 571,000 tonnes LCE equivalent (see NI 43-101 report
titled Initial Measured Lithium and Potassium Resource Estimate
Hombre Muerto North Project, Salta and Catamarca Provinces,
Argentina by Montgomery and
Associates of Santiago Chile,
filed December 04, 2018) is
located on the 383-hectare Tramo claim block. The resource
expansion program is focused on the 2,089-hectare Alba Sabrina claim block, the largest of the
five salar located claims. To date, six holes of an eight-hole
drill program have been completed. Results have been consistent
with excellent lithium values well over 700 mg/L Li, and very low
impurities including low magnesium. Drilling will continue into the
first quarter of 2023. Upon conclusion of the program, Groundwater
Insight, Inc. of Halifax, Nova
Scotia will complete an updated resource study.
IV. Evaporation Test Work – Process testing was initiated
in July of 2022. The objective is to validate recovery expectations
in real world conditions with evaporation ponds on the salar site.
In addition, the bench scale production of Lithium Carbonate
Battery Grade is underway on HMN Li Project brine samples.
2023 Milestones
I. LCE Resource Expansion Drill Program - The resource
expansion drill program is anticipated to conclude in the first
quarter of 2023. Resource modelling is currently underway with the
present data, and future results will allow for the calculation of
an updated lithium resource. The intent of the program is to
confirm the potential to expand the 2019 Preliminary Economic
Assessment (see news release August 12,
2019) production facility based upon a larger lithium
resource.
II. Evaporation Test Work Results - Evaporation test
work being conducted by the Company is well along, and results are
expected in early 2023. The first production of Lithium
Carbonate Battery Grade to validate the process is expected to be
completed in the first quarter.
III. Feasibility Study - The Company is extending a
Request for Quotation to well-known lithium industry engineering
firms for the completion of a Feasibility Study. A candidate
is expected to be selected in the first quarter.
Company President and Chief Executive Officer Adrian F. C. Hobkirk is quoted, "We are very
pleased with this year's progress at the HMN Li Project. The
development team has accomplished significant technical milestones,
and we look forward to 2023."
About Lithium South
The HMN Li Project is at an advanced stage of evaluation, with a
Preliminary Economic Assessment completed in August 2019. Lithium South is the 100% owner of
the HMN Li Project and expects to expand the known resource with
its current drill program. Preliminary results support this
expectation. Additional project work including permitting,
environmental studies and process test work is ongoing.
The Hombre Muerto North Lithium Project is adjacent to a
US$4 billion lithium mine under
development by the Korean multinational corporation POSCO, which
acquired their holdings from Galaxy Resources Ltd. for US$280 million. Livent Corporation is producing
lithium to the south of the Hombre Muerto North Lithium Project and
has actively operated there for over twenty-five years.
The preparation of this press release was supervised by Mr.
William Feyerabend, a Certified
Professional Geologist and a member of the American Institute of
Professional Geologists, and a Qualified Person as defined under
National Instrument 43-101. Mr. Feyerabend approves the scientific
and technical disclosure contained in this press release.
On behalf of the Board of Directors
Adrian F. C. Hobkirk
President and Chief Executive Officer
Investors / Shareholders call 855-415-8100 / website:
www.lithiumsouth.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. The TSX Venture Exchange has not reviewed the content
of this news release and therefore does not accept responsibility
or liability for the adequacy or accuracy of the contents of this
news release.
This news release contains certain "forward-looking statements"
within the meaning of Section 21E of the United States Securities
and Exchange Act of 1934, as amended. Except for statements of
historical fact relating to the Company, certain information
contained herein constitutes forward-looking statements.
Forward-looking statements are based upon opinions and estimates of
management at the date the statements are made and are subject to a
variety of risks and uncertainties and other factors which could
cause actual results to differ materially from those projected in
the forward-looking statements. The reader is cautioned not to
place undue reliance on forward-looking statements. We seek safe
harbor.
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SOURCE Lithium South Development Corporation
